Mikayil Jabbarov: Fiscal and tax regulation ensures transition to green economy

Fiscal and tax regulation is a tool to ensure the transition to a green economy, Mikayil Jabbarov, acting Minister of Economy, said at the forum on "The Tax System in the New Development Period: Strategic Objectives for a Sustainable Economy" in Baku, Report informs.

"Regardless of our wishes, a number of states, as well as countries that are our trading partners, have already adopted their own laws. When the products manufactured in our country are sent to these countries, additional taxes, quotas, and restrictions are applied by calculating the carbon footprint of that product. This process will gradually expand and spread to other countries. Therefore, if we want to maintain the competitiveness of our enterprises, we need to discuss these regulatory instruments in time," Jabbarov noted.

"I wish we could feed at least one of the industrial zones operating in our country with green energy. At the initial stage, one of the industrial zones can be organized on the basis of green energy," he added.